| Andy Asaro |
11-13-2018 07:41 PM |
Newly Formed Company to purchase Kentucky Downs.
Excerpt:
Marc Falcone commented, "Our agreement to acquire Kentucky Downs represents a terrific opportunity that is consistent with our business plan to grow through strategic investments in racing facilities and apply our operational and management expertise to support future growth. Our commitment to horse racing extends beyond this announced plan to acquire Kentucky Downs as Ron and I believe there are other opportunities where our combined expertise and experience can help foster consistent growth for the sport."
"KRA is committed to continually improve and enhance the business at Kentucky Downs by investing new capital in additional food, beverage, and hospitality offerings as well as in technology and property infrastructure to grow the customer's entertainment experience," Falcone added. "KRA also is focused on the potential opportunity to develop a new facility in Oak Grove, Ky., if awarded that license by KHRC. An Oak Grove property under the umbrella of the new Kentucky Downs ownership would enable constructive marketing and operational synergies, optimizing market development, and economic return to the Commonwealth of Kentucky and the many stakeholders in Kentucky racing, including owners, trainers, breeders, and other professionals. With Kentucky Downs' familiarity and understanding of the Nashville market, KRA would be strategically positioned to maximize that market for Kentucky."
The KRA transaction is expected to close early in Q1 2019, subject to regulatory approvals from Kentucky Horse Racing Commission (KHRC) and other customary closing conditions.
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